Trump media files for Bitcoin-Ethereum ETF amid crypto expansion
|Trump’s media company has filed to launch a Bitcoin and Ethereum ETF, raising questions over potential conflicts as he promotes crypto while in office.
Trump Media & Technology Group, led by President Donald Trump, has submitted a registration to the U.S. Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF) that will directly hold Bitcoin and Ethereum. The proposed Truth Social Bitcoin and Ethereum ETF plans to allocate 75% to Bitcoin and 25% to Ethereum, offering investors exposure to both cryptocurrencies through a single product.
Crypto.com has been appointed as the ETF's exclusive custodian, prime execution agent, and provider of staking and liquidity services. The ETF's launch is contingent upon the SEC's approval of both the registration statement and a rule change application. If approved, the ETF will be listed on the NYSE Arca exchange.
This initiative is part of Trump Media's broader strategy to integrate cryptocurrency into its business model. In May, the company announced plans to raise $2.5 billion to establish a Bitcoin treasury, reflecting its commitment to digital assets.
However, the move has sparked controversy due to potential conflicts of interest, as President Trump actively promotes cryptocurrency while his company engages in related financial ventures. Critics argue that this intertwining of political influence and personal business interests could undermine regulatory integrity.
The SEC's decision on the ETF is pending, and its outcome could significantly impact the intersection of politics and cryptocurrency investment in the United States.
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